Today I attended “Day For Crypto” in Cincinnati. It was an event focused on blockchain technology, cryptocurrencies like Bitcoin, and startups involved in Initial Coin Offerings (ICOs). There was a lot of interesting speakers from all over the world discussing the many ways blockchain technology can be used in business. I heard many speakers describe how blockchain is going to change or even disrupt different industries, but the most compelling reason for me personally came after the event was over.
On my way home I stopped by my bank to do some banking and check on the status of the title for my Jeep. You see, when I originally acquired my new Jeep Rubicon I leased it, then at the end of the lease I took out a loan with my local bank to buy it out. When that transaction took place the leasing company was supposed to send the vehicle’s title to my bank. Either that didn’t happen, or the title got lost in the mail. So here I am stuck in the middle of these two big companies over a missing piece of paper.
So today as I’m talking with my loan officer about where the title could have gone, I realize that if the title had been stored in blockchain it couldn’t have gone missing like this. Using blockchain we wouldn’t have to rely on a piece of paper being pulled out of a file at one company, mailed to another company, and then stuck in the file of another company. We could just reference some data in the blockchain.
Imagine how much more efficient that would be.
THAT is the promise of the blockchain, and it is quickly becoming reality.